Hormel shares $16.5 million with employees

Hormel Foods Corp. said it distributed profit sharing of more than $16.5 million to eligible hourly and salaried employees as part of its 73rd annual Thanksgiving Eve Day tradition.

“We are honored to again recognize our employees for their contributions to a record year in net sales and earnings,” Jeffrey M. Ettinger, chairman of the board, president and chief executive officer, said in a news release. “It is gratifying to be able to provide this benefit to our hard-working employees who are committed to delivering great-tasting products to consumers around the world.”

Hormel netted $474.2 million in fiscal 2011.

Hormel’s profit sharing was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s board of directors.